From GlobeNewswire: 2025-02-06 00:25:00

Societe Generale exceeded all 2024 targets with group net income of EUR 4.2 billion, a 69% increase from 2023. Annual revenues reached EUR 26.8 billion, up by 6.7%, driven by strong performances in net interest income, Global Banking, and Investor Solutions. Cost-to-income ratio was 69.0%, below the target of 71%. Profitability (ROTE) was 6.9%, above the 6% target. The CET1 ratio was 13.3% at the end of 2024, 310 basis points above regulatory requirements. Distribution to shareholders increased by 75% compared to 2023, with a proposed distribution of EUR 1,740 million, equivalent to EUR 2.18 per share. The 2025 financial targets include revenue growth of over 3%, a decrease in costs above 1%, and an improvement in the cost-to-income ratio to less than 66%. The cost of risk is expected to be between 25 and 30 basis points in 2025, with an increase in ROTE to more than 8% and a CET1 ratio above 13%. Societe Generale’s Chief Executive Officer, Slawomir Krupa, expressed satisfaction with the 2024 performance and highlighted the focus on relentless execution of the strategy to further improve performance in 2025. The Board of Directors endorsed the 2024 financial statements. Net banking income for French Retail, Private Banking, and Insurance was up by 15.5%, reaching EUR 2.3 billion in Q4 24. Assets under management in Private Banking and Insurance increased by 7%. Global Banking and Investor Solutions saw a 12.4% increase in revenues, reaching EUR 2.5 billion for the quarter, driven by strong momentum across all businesses. Mobility, International Retail Banking, and Financial Services revenues were up by 2.0%, mainly due to an increase in margins at Ayvens. The Corporate Centre recorded revenues of EUR -159 million in Q4 24. Operating expenses remained relatively stable, with a cost-to-income ratio of 69.4%. The cost of risk fell to 23 basis points in Q4 24. Group net income for the quarter stood at EUR 1,041 million, with a Return on Tangible Equity (ROTE) of 6.6%. Societe Generale accelerated its ESG strategy in 2024, covering around 70% of companies’ financed emissions and announcing a new target of EUR 500 billion for sustainable finance. The Group also signed a new partnership with the EIB to support the wind industry supply chain in Europe. ESG risk management was strengthened, and ambitions as a responsible employer were emphasized. At the end of 2024, Societe Generale’s Common Equity Tier 1 ratio stood at 13.3%, well above regulatory requirements. Liquidity and solvency ratios were also strong. The Group is rated by four rating agencies with stable



Read more at GlobeNewswire:: Fourth quarter & 2024 full year results